Harvest Health & Recreation Buys Nevada Grow Facility From MJardin Group In $35M Deal

Multistate operator Harvest Health & Recreation Inc HRVSF said Thursday that it has agreed to purchase a 32,000-square-foot subruban Las Vegas cultivation facility from the Cheyenne, Nevada-based management platform MJardin Group Inc MJARF

The sale price is $35 million, with $30 million funded Dec. 31, Harvest Health said. 

Harvest Health's Rationale 

The acquisition should allow Tempe, Arizona-based Harvest to enhance its chances of reaching profitability, according to the company. 

"We expect this opportunistic acquisition to support our expanding retail asset base in Nevada and afford higher margins and profitability through vertical integration with some of our pending acquisitions in the state," CEO Steve White said in a statement. 

What's Next

Harvest said it will fund the final $5 million of the purchase price to MJardin upon completion of the deal. 

Harvest Health shares were down 1.08% at $3.12 at the time of publication Thursday. 

MJardin shares were down 7.44% at 17 cents. 

Related Links:

Harvest Health Posts $39M Quarterly Net Loss, Says It's 'Reflective Of Investments' For Growth

Harvest Health CEO Discusses The Company's 'Head Start' In CBD


Meet the biggest cannabis industry players and make deals that will push the industry forward.

Featuring live company presentations, insider panels, and unmatched access to networking, the Benzinga Cannabis Capital Conference is where cannabis executives and entrepreneurs meet.

Join us September 13-14, 2022 at The Palmer House in Chicago, IL.

Posted In: CannabisMarkets